2. On January 1, 20X1, the company purchased an equipment for $180,000. The equipment has a useful life of 12 years with no residual value. The company uses straight-line depreciation and revalues the equipment every three years. The company's reporting date is December 31 . The equipment's fair value is $117,000 at December 31,20X3, and $100,000 at December 31 , 206. Required (10 marks): Prepare journal entries to revalue the equipment as at December 31, 20X3 and December 31, 20X6 (using the asset adjustment method)